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From: "Marion Maneker" <marion@puck.news>
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Subject: The $32M Pachinko King Collection & A $17.6M Patek
Date: Sun, 9 Nov 2025 23:17:03 -0000
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Welcome back to Wall Power. Tonight, Julie Davich has the story of Kazuo
Okada, known in Japan as the “Pachinko king,” whose long-running legal woes
have brought to the market a collection of Asian art that Sotheby’s is
calling “one of the greatest collections, if not the greatest collection of
Asian art, to come to market in decades.” ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
͏
Nov 9, 2025
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PREVIEW VERSION
Start a free 14-day trial to unlock access to Puck.
Marion Maneker
Welcome back to Wall Power on a fine autumn weekend in New York turned
unexpectedly soggy. I’m Marion Maneker.
The auction world is filled with Icarian stories of collectors who became
intoxicated by the sense of grandiosity and power that comes from owning
extraordinary examples of art and workmanship passed down through history.
Alan Bond bought van Gogh’s Irises in 1987 for $54 million with money he
didn’t have. Halsey Minor went on an American art buying spree before going
bankrupt. And recently, Ronald Perelman had to sell a lot of art to make
good on other loans. Tonight, Julie Davich has the story of Kazuo Okada,
known in Japan as the “Pachinko king,” whose long-running legal woes have
brought to the market a collection of Asian art that Sotheby’s is calling
“one of the greatest collections, if not the greatest collection of Asian
art, to come to market in decades.”
But first…
* A vintage Patek Philippe record: After a 10-minute battle between five
bidders yesterday at Phillips Geneva, in association with Bacs & Russo, a
stainless-steel Patek Philippe (ref. 1518) sold for...
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Okada’s $50 Million Debt Servicing Plan
Japan’s so-called “Pachinko king,” staring down tens of millions of dollars
in legal obligations, is bringing one of the greatest collections of Asian
art to auction.
Julie Brener Davich
Sometimes, even the very rich are left with no other choice but to sell
their art. That’s what happened to Kazuo Okada, known in Japan as the
“Pachinko king.” He built his fortune as chairman of Universal Entertainment
Corporation by making and selling gambling machines. But after partnering
with Steve Wynn in the early 2000s to build casino resorts, the relationship
fell apart. In 2018, Wynn Resorts agreed to pay a $2.6 billion settlement to
Okada’s Universal Entertainment—and lawyers for Okada, who was ousted as
chairman of Universal in 2017 after being accused of misappropriating funds,
invoiced Okada $50 million for their agreed-upon contingent fee. (The fraud
charges, which he denied, were later dropped.) He refused to pay. Now,
following years of arbitration and appeals, the contents of Okada’s private
museum are...
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</td></tr></tbody></table>
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<table class=3D"oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:32px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Welcome back to Wall Power on a fine autumn weekend =
in New York turned unexpectedly soggy. I=E2=80=99m
<strong>Marion Maneker</strong>.<br/><br/>The auction world is filled =
with Icarian stories of collectors who became intoxicated by the sense =
of grandiosity and power that comes from owning extraordinary examples =
of art and workmanship passed down through history. <strong>Alan =
Bond</strong> bought <strong>van Gogh</strong>=E2=80=99s <em>Irises</em> =
in 1987 for $54 million with money he didn=E2=80=99t have. =
<strong>Halsey Minor </strong>went on an American art buying spree =
before going bankrupt. And recently,
<strong>Ronald Perelman </strong>had to sell a lot of art to make good =
on other loans. Tonight, <strong>Julie</strong> <strong>Davich</strong> =
has the story of <strong>Kazuo Okada</strong>, known in Japan as the =
=E2=80=9CPachinko king,=E2=80=9D whose long-running legal woes have =
brought to the market a collection of Asian art that Sotheby=E2=80=99s =
is calling =E2=80=9Cone of the greatest collections, if not <em>the</em> =
greatest collection of Asian art, to come to market in =
decades.=E2=80=9D<br/><br/><em>But first=E2=80=A6</em></p></div>
</td></tr></tbody></table>
<table class=3D"q" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
color:#000000;direction:ltr;font-family:'Inter','Arial';f=
ont-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5;text-ali=
gn:left;mso-line-height-alt:26px;"><tbody><tr><td =
style=3D"padding-bottom:8px;"><div style=3D"margin-left:-20px"><ul =
style=3D"margin-top:0;margin-bottom:0;list-style-type:revert;"><li =
style=3D"Margin:0 0 24px 0;"><em>A
vintage Patek Philippe record</em>: After a 10-minute battle between =
five bidders yesterday at Phillips Geneva, in association with Bacs =
& Russo, a stainless-steel Patek Philippe (ref. 1518) sold =
for...</li></ul></div>
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top:32px;
vertical-align:top;">
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
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MESSAGE FROM OUR SPONSOR</p></div>
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al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:center;mso-line-height-alt:20px;"><p =
style=3D"margin:0;margin-bottom:0px;">The first steps towards a =
masterpiece starts with a dream. The all-electric BMW i7 =E2=80=93 the =
evolution of brilliance.
Learn more at=C2=A0</p><p style=3D"margin:0;"><strong><a =
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;color:#000000;border-radius:0;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
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lign:left;padding-bottom:12px;vertical-align:top;border-radius:0px;">
<table class=3D"j np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"width:100%;"><div class=3D"r" align=3D"center"><div =
style=3D"max-width:600px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhYXVpSDNfNnZ1NWp2ckhsVUZzYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLXRoZS1wYW5jaGlua28ta2luZy1rYXp1by1va2FkYS0zMi1taWxsaW9uLWFydC1zYWx=
lLWF0LXNvdGhlYnlzLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODExJTJG=
OSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODExJTJGO=
SUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPW=
N1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5=
hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQyMDYxNX0/864b962b2976=
6e4379a7b42e0bb5938fa6161fc16b6a48cf4640989c6e072e7c" =
target=3D"_blank"><img =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1762727170679_Okada_01K9NBM4RGHZZ1QY7C9D0MV1JE.jpg" =
style=3D"display:block;
height:auto;border:0;width:100%;" width=3D"600" alt=3D"Okada=E2=80=99s =
$50 Million Debt Servicing Plan" title=3D"Okada=E2=80=99s $50 Million =
Debt Servicing Plan" height=3D"auto"/></a></div></div>
</td></tr></tbody></table>
<table class=3D"gq oq" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;padding-left:24px;padding-right:24px;padding=
-top:16px;text-align:center;width:100%;"><h1 =
style=3D"margin:0;color:#000000;direction:ltr;font-family:'PuckSerifD=
isplay','Georgia';font-size:48px;font-weight:400;letter-spaci=
ng:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;ms=
o-line-height-alt:58px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhYXVpSDNfNnZ1NWp2ckhsVUZzYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
5zaWRlLXRoZS1wYW5jaGlua28ta2luZy1rYXp1by1va2FkYS0zMi1taWxsaW9uLWFydC1zYWx=
lLWF0LXNvdGhlYnlzLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODExJTJG=
OSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODExJTJGO=
SUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPW=
N1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5=
hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQyMDYxNX0/864b962b2976=
6e4379a7b42e0bb5938fa6161fc16b6a48cf4640989c6e072e7c" target=3D"_blank" =
style=3D"text-decoration:none;color:#d40000;" =
data-mce-attribute-name-1=3D"" data-mce-attribute-value-1=3D"" =
data-mce-attributes-count=3D"1" rel=3D"noopener">Okada=E2=80=99s $50 =
Million Debt Servicing Plan</a></h1>
</td></tr></tbody></table>
<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-left:24px;padding-right:24px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:19px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:29px;"><p =
style=3D"margin:0;">Japan=E2=80=99s so-called =E2=80=9CPachinko =
king,=E2=80=9D staring down tens of millions of dollars in legal
obligations, is bringing one of the greatest collections of Asian art to =
auction.</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;color:#000000;border-radius:0;border-bottom:8px solid =
transparent;border-left:24px solid transparent;border-right:24px solid =
transparent;border-top:8px solid transparent;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:
left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;vertical-align:top;border-radius:0px;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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eight:0;"><tbody><tr><td =
style=3D"vertical-align:middle;color:#d40000;font-family:'PuckSerifDi=
splay','Georgia';font-size:20px;font-weight:400;padding-botto=
m:8px;padding-right:8px;padding-top:8px;text-align:left;">
<table class=3D"b" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;display:inline-block;p=
adding-left:0px;padding-right:0px;" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation"><tbody><tr><td =
style=3D"vertical-align:middle;text-align:center;padding-top:0px;padding-=
bottom:0px;padding-left:0px;padding-right:0px;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhYXVpSDNfNnZ1NWp2ckhsVUZzYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL2p1bGllZGF2aWNoLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODE=
xJTJGOSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODEx=
JTJGOSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291c=
mNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbn=
Rlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAzOTUzNH0/9586cd3=
69b98f63dd71d5815f9ad7000dad42da6b3181f2b3bce3b487dda3129" =
target=3D"_self" title=3D"" style=3D"text-decoration:none;"><img =
alt=3D"Julie Brener Davich" =
src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382=
/1739207841163_avatar-julie-update-2025-02-10_01JKRDV5DNE5VGVM57VZNYXYE1.=
png" height=3D"auto" width=3D"48" align=3D"center" =
style=3D"display:block;height:auto;margin:0 auto;border:0;"/></a>
</td><td =
style=3D"font-family:'PuckSerifDisplay','Georgia';font-si=
ze:20px;font-weight:400;color:#d40000;vertical-align:middle;letter-spacin=
g:normal;text-align:left;line-height:normal;"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhYXVpSDNfNnZ1NWp2ckhsVUZzYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvYX=
V0aG9yL2p1bGllZGF2aWNoLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODE=
xJTJGOSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODEx=
JTJGOSUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291c=
mNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbn=
Rlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjAzOTUzNH0/9586cd3=
69b98f63dd71d5815f9ad7000dad42da6b3181f2b3bce3b487dda3129" =
target=3D"_self" title=3D"" =
style=3D"color:#d40000;text-decoration:none;">Julie Brener Davich</a>
</td></tr></tbody></table>
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</td></tr></tbody></table>
</td></tr></tbody></table>
<table align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;background-color:#ffff=
ff;color:#000000;border-radius:0;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;padding-left:24px;padding-right:24px;padding-top:16px;vertical-=
align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:22px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.5=
;text-align:left;mso-line-height-alt:26px;"><p =
style=3D"margin:0;">Sometimes, even the very rich are left with no other =
choice but to sell their art. That=E2=80=99s what
happened to <strong>Kazuo Okada</strong>, known in Japan as the =
=E2=80=9CPachinko king.=E2=80=9D He built his fortune as chairman of =
Universal Entertainment Corporation by making and selling gambling =
machines. But after partnering with <strong>Steve Wynn</strong> in the =
early 2000s to build casino resorts, the relationship fell apart. In =
2018, Wynn Resorts agreed to pay a $2.6 billion settlement to =
Okada=E2=80=99s Universal Entertainment=E2=80=94and lawyers for Okada, =
who was ousted as chairman of Universal in 2017 after being
accused of misappropriating funds, invoiced Okada $50 million for their =
agreed-upon contingent fee. (The fraud charges, which he denied, were =
later dropped.) He refused to pay. Now, following years of arbitration =
and appeals, the contents of Okada=E2=80=99s private museum =
are...</p></div>
</td></tr></tbody></table>
</td></tr></tbody></table>
</td></tr></tbody></table>
<table class=3D"n3" align=3D"center" width=3D"100%" border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td>
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cellspacing=3D"0" role=3D"presentation" =
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ff;color:#000000;border-radius:0;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
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<table class=3D"g np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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style=3D"padding-bottom:32px;text-align:center;"><div class=3D"r" =
align=3D"center"><a =
href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT=
05LQUdhYXVpSDNfNnZ1NWp2ckhsVUZzYz0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaW=
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lLWF0LXNvdGhlYnlzLz91dG1fY2FtcGFpZ249V2FsbCtQb3dlcistK0xFQURTKyUyODExJTJG=
OSUyRjI1JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2FsbCtQb3dlcistK0xFQURTKyUyODExJTJGO=
SUyRjI1JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPW=
N1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5=
hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MjQyMDYxNX0/864b962b2976=
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center;width:60%;word-break:keep-all;letter-spacing:normal;"><span =
style=3D"word-break:break-word;line-height:28px;">KEEP READING WITH A =
FREE TRIAL</span></span></a></div>
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<table class=3D"c ie" align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
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ff;color:#000000;border-radius:0;width:600px;margin:0 auto;" =
width=3D"600"><tbody><tr><td class=3D"yq o" width=3D"100%" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;font-weight:400;text-a=
lign:left;border-bottom:1px solid #d40000;border-top:1px solid =
#d40000;padding-bottom:32px;padding-left:24px;padding-right:24px;padding-=
top:32px;
vertical-align:top;">
<table class=3D"np" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;word-break:break-word;=
"><tbody><tr><td style=3D"padding-bottom:16px;"><div =
style=3D"color:#000000;direction:ltr;font-family:'Inter','Ari=
al';font-size:17px;font-weight:400;letter-spacing:0px;line-height:1.2=
;text-align:left;mso-line-height-alt:20px;"><p style=3D"margin:0;">A =
MESSAGE FROM OUR SPONSOR</p></div>
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style=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;"><tbody><tr><td =
style=3D"padding-bottom:16px;width:100%;"><div class=3D"r" =
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style=3D"margin:0;margin-bottom:0px;">The first steps towards a =
masterpiece starts with a dream. The all-electric BMW i7 =E2=80=93 the =
evolution of brilliance.
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